Golden Eagle Retail Group, one of the largest upmarket mall chains in China, said on Friday net profit was virtually flat in 2012 compared with a year earlier, underscoring the difficulty retail-related businesses had last year amid rising costs and slowing economic growth.

New profit totaled 1.2 billion yuan, or $196 million, an increase of only 0.5% from a year earlier, the company said in a report after the close of trade at the Hong Kong Stock Exchange on Friday. Revenue rose by 13% to 3.6 billion yuan. Golden Eagle’s shares have lost 30% in the past year.

Golden Eagle is led by Chinese-American billionaire Roger Wang, who ranked No. 353 on the 2013 Forbes Billionaires List with wealth of $3.8 billion.

China’s GDP growth was 7.8% last year, the slowest since 1999. Retail spending increased by 13% but profit margins at many retailers last year were under pressure. At least two print media companies also reported weak results. (See related story here.)

Golden Eagle focuses its business in prosperous eastern China. It carries overseas brands that including Estee Lauder, Coach and Chanel, and boasts 1.17 million VIP customers.